• Litecoin (LTC) price is trading above $85, and is facing resistance near the $88 level.
• A clear move above the $88 level could push the price towards the $95 level.
• On the downside, an initial support is near the $85 level and major support is near the $82 level.
Litecoin Price Analysis
Litecoin started a steady increase against US Dollar and is now trading above $85 and 55 simple moving average (4-hours). There was a break above a bearish trend line with resistance at $85 on 4-hour chart of LTC/USD pair. The pair could gain bullish momentum if it clears the resistances at $88 and $90.
On the upside, Litecoin price faces resistance near at $88 level. A clear move above this could push the price to reach up to as high as$95 which is close to 1.618 Fib extension of downward move from swing high of$88.06 to low of$76.96. After that next major resistance lies around$100 mark
On downside there are two main levels of support first one lies around$85 and second one can be tested if bears manage to break below first one i.e.$82 respectively . If bears continue to dominate market then we may see a deeper decline in prices down towards$75 mark in coming days or weeks .
The MACD for LTC/USD is gaining pace in bullish zone while RSI for pair has crossed 50 mark which indicates strength in bulls .
Overall Litecoin price looks positive if it breaks past resistances at 88 and 90 USD respectively , but any decrease below 82 USD would indicate weakness in bulls .